Wells Fargo & Company increased its price target for SPX Technologies on Friday, moving the stock to an "overweight" rating. The new target of $240 represents a potential upside of 15.55% from current trading levels, according to reporting by Benzinga.
The upgrade follows a strong quarterly performance. SPX Technologies reported first-quarter earnings of $1.69 per share, topping analyst consensus of $1.55 by 14 cents. Revenue reached $566.80 million, surpassing the consensus estimate of $557.62 million and marking a year-over-year increase of 17.4%. The company posted a return on equity of 17.65% and a net margin of 10.76%.
Wells Fargo's move is part of broader bullish momentum among Wall Street analysts. Bank of America upgraded SPX Technologies from "neutral" to "buy" on February 13th, raising its price target to $280. Oppenheimer increased its target to $272 on February 25th and assigned an "outperform" rating. JPMorgan Chase initiated coverage with an "overweight" rating and a $260 price target on March 4th. BMO Capital Markets started coverage on March 27th with an "outperform" rating and a $243 target. Truist also raised its price target to $251.
Wall Street Zen struck a dissenting note, downgrading the stock from "buy" to "hold" on April 18th. According to MarketBeat.com, nine analysts have assigned a "buy" rating while one has assigned a "hold" rating. The consensus rating is "Moderate Buy" with an average price target of $247.22.
SPX Technologies set its full-year 2026 earnings guidance at $7.75 to $8.15 per share. Analyst consensus for fiscal 2026 earnings stands at $7.94 per share. Some investors noted that the guidance sits around or slightly below certain street estimates, which may have tempered enthusiasm following the earnings beat.
Institutional investors have been steadily increasing their stakes. Vanguard Group boosted its position by 4.6% during the third quarter to 5.29 million shares valued at approximately $989.6 million. Invesco increased its holdings by 62.4% in the same period to 1.87 million shares worth $351 million. Capital International Investors established a new position valued at approximately $307.5 million in the fourth quarter. Geode Capital Management and Price T. Rowe Associates MD also expanded their positions, lifting their holdings by 5.6% and 7.7% respectively. Institutional investors now account for 92.82% of the stock's ownership.
SPX Technologies is a diversified global supplier of engineered products and solutions for industrial, municipal, energy and utility markets. The company manufactures equipment for water distribution, power generation, HVAC, refrigeration and industrial applications, along with leak detection systems, pipe assessment tools and fluid flow measurement devices.
